January PMI index records slow growth, says CBN

The Central Bank of Nigeria (CBN) yesterday reported that the January 2018 Purchasers Manager Index (PMI) – a survey which measures the productive activities in the manufacturing and non-manufacturing sectors of the country grew to 57.3 pet cent, howbeit sluggishly in comparative terms with previous growth trajectory.

The development came as the NOI Polls, which also released its Fourth Quarter 2017 Personal Wellbeing Index reported that though the index moved up sluggishly, the economic and living standards of most Nigerians declined during the review period.

According to the CBN, “PMI Production level, new orders, supplier delivery time, employment level and inventories growing at a slower rate in January 2018. The Manufacturing PMI in the month of January stood at 57.3 index points indicating expansion in the manufacturing sector for the tenth consecutive month.

The index however, grew at a slower rate, when compared to the previous month.”

It said the survey revealed a nominal increase of 0.2-point to stand at 64.3-points from 64.1-points obtained in Q3, 2017. The Personal Well-Being Index measures the satisfaction of Nigerians with respect to various aspects of lives.

It said in part: “There are seven components that make up the PWBI and they all experienced an increase except the Economic Index and the Personal Standard of Living Index which both experienced a decline when compared to the results obtained in Q3, 2017.

Though the nation’s economy got out of recession in Q2, 2017 and also grew in Q3, 2017, Nigerians are yet to feel the impact of this growth in terms of their personal economy and standard of living as these were the only indicators that experienced a decline in Q4, 2017 amongst all the components that make up the PWBI.

These are the key highlights from the Q4, 2017 Personal Well-Being Index survey.”